ASSIGNMENT AND ASSUMPTION AGREEMENT

                                                                                EXECUTION COPY

                             ASSIGNMENT AND ASSUMPTION AGREEMENT

        ASSIGNMENT  AND  ASSUMPTION  AGREEMENT,   dated  as  of  December  21,  2006,  between

Residential   Funding  Company,   LLC,  a  Delaware  limited  liability  company  ("RFC")  and

Residential Asset Mortgage Products, Inc., a Delaware corporation (the "Company").

                                           Recitals

A.      RFC has entered into seller contracts ("Seller  Contracts") with the  seller/servicers

pursuant to which such seller/servicers sell mortgage loans to RFC.

B.      The  Company  wishes to  purchase  from RFC  certain  Mortgage  Loans (as  hereinafter

defined) originated pursuant to the Seller Contracts.

C.      The Company, RFC, as master servicer,  and U.S. Bank National Association,  as trustee

(the "Trustee"), are entering into a Pooling and Servicing Agreement dated as of

December 1, 2006 (the  "Pooling and  Servicing  Agreement"),  pursuant to which the Trust will

issue Mortgage Asset-Backed  Pass-Through  Certificates,  Series 2006-RZ5 (the "Certificates")

consisting of sixteen  classes  designated as Class A-1,  Class A-1A,  Class A-1B,  Class A-2,

Class A-3,  Class M-1,  Class M-2,  Class M-3,  Class M-4,  Class M-5,  Class M-6,  Class M-7,

Class M-8,  Class M-9,  Class SB,  Class R,  representing  beneficial ownership interests in a

trust fund  consisting  primarily of a pool of fixed and  adjustable  rate one- to four-family

mortgage loans  identified on Exhibit F to the Pooling and Servicing  Agreement (the "Mortgage

Loans").

D.      In connection with the purchase of the Mortgage Loans,  the Company will assign to RFC

a de minimis portion of the Class R Certificates (the "Retained Certificates").

E.      In  connection  with the  purchase  of the  Mortgage  Loans  and the  issuance  of the

Certificates, RFC wishes to make certain representations and warranties to the Company.

F.      The  Company  and RFC  intend  that the  conveyance  by RFC to the  Company of all its

right,  title and  interest in and to the  Mortgage  Loans  pursuant to this  Agreement  shall

constitute a purchase and sale and not a loan.

        NOW THEREFORE,  in  consideration  of the recitals and the mutual  promises herein and

other good and valuable consideration, the parties agree as follows:

1.      All  capitalized  terms used but not defined  herein shall have the meanings  assigned

thereto in the Pooling and Servicing Agreement.

2.      Concurrently  with the  execution  and  delivery  hereof,  RFC  hereby  assigns to the

Company  without  recourse all of its right,  title and interest in and to the Mortgage Loans,

including all interest and principal  received on or with respect to the Mortgage  Loans after

the Cut-off Date (other than payments of principal  and interest due on the Mortgage  Loans in

the month of the Cut-off Date). In  consideration  of such  assignment,  RFC will receive from

the Company,  in immediately  available funds, an amount equal to  $526,491,154.75,  including

accrued  interest,  and the Retained  Certificates.  In connection with such assignment and at

the  Company's  direction,  RFC has in respect of each  Mortgage  Loan  endorsed  the  related

Mortgage Note (other than any Destroyed  Mortgage Note, as defined in the following  sentence)

to the order of the Trustee and  delivered an  assignment  of mortgage in  recordable  form to

the Trustee or its agent.  A Destroyed  Mortgage  Note means a Mortgage  Note the  original of

which was permanently lost or destroyed.

               The  Company and RFC intend  that the  conveyance  by RFC to the Company of all

its right,  title and interest in and to the Mortgage Loans  pursuant to this Section 2  shall

be,  and be  construed  as,  a sale  of  the  Mortgage  Loans  by RFC to the  Company.  It is,

further,  not intended that such  conveyance be deemed to be a pledge of the Mortgage Loans by

RFC to the  Company  to  secure  a debt or  other  obligation  of RFC.  Nonetheless,  (a) this

Agreement  is  intended  to be and  hereby is deemed to be a  security  agreement  within  the

meaning  of  Articles  8 and 9 of the  Minnesota  Uniform  Commercial  Code  and  the  Uniform

Commercial  Code of any other  applicable  jurisdiction;  (b) the  conveyance  provided for in

this  Section shall  be deemed to be a grant by RFC to the  Company of a security  interest in

all of RFC's  right  (including  the  power to convey  title  thereto),  title  and  interest,

whether now owned or hereafter  acquired,  in and to (A) the  Mortgage  Loans,  including  the

Mortgage Notes, the Mortgages,  any related insurance  policies and all other documents in the

related  Mortgage Files,  (B) all amounts payable pursuant to the Mortgage Loans in accordance

with the terms thereof and (C) any and all general  intangibles  consisting  of,  arising from

or  relating  to any of the  foregoing,  and all  proceeds  of the  conversion,  voluntary  or

involuntary,  of  the  foregoing  into  cash,  instruments,   securities  or  other  property,

including,  without  limitation,  all  amounts  from  time to time  held  or  invested  in the

Certificate  Account  or the  Custodial  Account,  whether  in the form of cash,  instruments,

securities or other  property;  (c) the possession by the Trustee,  the Custodian or any other

agent  of the  Trustee  of  Mortgage  Notes or such  other  items of  property  as  constitute

instruments,  money,  payment  intangibles,  negotiable  documents,  goods,  deposit accounts,

letters  of credit,  advices  of  credit,  investment  property,  certificated  securities  or

chattel  paper shall be deemed to be  "possession  by the secured  party",  or possession by a

purchaser  or a person  designated  by such secured  party,  for  purposes of  perfecting  the

security  interest  pursuant  to  the  Minnesota  Uniform  Commercial  Code  and  the  Uniform

Commercial  Code  of  any  other  applicable  jurisdiction  (including,   without  limitation,

Sections  8-106,  9-313 and 9-106  thereof);  and  (d) notifications  to persons  holding such

property,  and acknowledgments,  receipts or confirmations from persons holding such property,

shall be  deemed  notifications  to,  or  acknowledgments,  receipts  or  confirmations  from,

financial  intermediaries,  bailees or agents (as  applicable)  of the Trustee for the purpose

of  perfecting  such  security  interest  under  applicable  law.  RFC  shall,  to the  extent

consistent  with this Agreement,  take such  reasonable  actions as may be necessary to ensure

that, if this  Agreement  were deemed to create a security  interest in the Mortgage Loans and

the other property  described above,  such security interest would be deemed to be a perfected

security  interest of first  priority  under  applicable  law and will be  maintained  as such

throughout the term of this Agreement.  Without limiting the generality of the foregoing,  RFC

shall  prepare and deliver to the Company not less than 15 days prior to any filing date,  and

the  Company  shall  file,  or shall  cause to be filed,  at the  expense of RFC,  all filings

necessary to maintain the  effectiveness of any original  filings  necessary under the Uniform

Commercial Code as in effect in any  jurisdiction to perfect the Company's  security  interest

in or lien on the Mortgage Loans including  without  limitation (x)  continuation  statements,

and (y) such other  statements  as may be  occasioned  by (1) any change of name of RFC or the

Company,  (2) any change of  location  of the place of  business,  state of  formation  or the

chief  executive  office of RFC, or (3) any  transfer of any  interest of RFC in any  Mortgage

Loan.

3.      Concurrently  with the execution and delivery  hereof,  the Company  hereby assigns to

RFC  without  recourse  all  of  its  right,  title  and  interest  in  and  to  the  Retained

Certificates  as part of the  consideration  payable to RFC by the  Company  pursuant  to this

Agreement.

4.      RFC  represents  and warrants to the Company,  with respect to each Mortgage Loan that

on the  date of  execution  hereof  (or,  if  otherwise  specified  below,  as of the  date so

specified and provided that all  percentages of the Mortgage  Loans  described in this Section

4 are approximate  percentages by outstanding  principal balance  determined as of the Cut-off

Date after deducting payments due during the month of the Cut-off Date):

(a)     The  information  set forth in the Mortgage Loan  Schedule for such Mortgage  Loans is

        true and correct in all  material  respects as of the date or dates  respecting  which

        such information is furnished;

(b)     Each Mortgage Loan  constitutes a qualified  mortgage under  Section 860G(a)(3)(A)  of

        the Code and Treasury Regulations Section 1.860G-2(a)(1);

(c)     Immediately  prior to the  conveyance  of the Mortgage  Loans to the Company,  RFC had

        good  title to, and was the sole owner of,  each  Mortgage  Loan free and clear of any

        pledge,  lien,  encumbrance or security  interest  (other than rights to servicing and

        related  compensation) and such conveyance validly transfers ownership of the Mortgage

        Loans to the  Company  free and clear of any  pledge,  lien,  encumbrance  or security

        interest;

(d)     Each Mortgage Note constitutes a legal,  valid and binding obligation of the Mortgagor

        enforceable in accordance  with its terms except as limited by bankruptcy,  insolvency

        or other similar laws affecting generally the enforcement of creditors' rights;

(e)     Except as  otherwise  specifically  set forth  herein,  there is no  default,  breach,

        violation or event of  acceleration  existing  under the terms of any Mortgage Note or

        Mortgage and no event which,  with notice and  expiration of any grace or cure period,

        would  constitute  a default,  breach,  violation or event of  acceleration  under the

        terms of any Mortgage  Note or Mortgage,  and no such  default,  breach,  violation or

        event of  acceleration  has been  waived by RFC or by any  other  entity  involved  in

        servicing a Mortgage Loan;

(f)     None of the Mortgage Loans are 30 days or more  delinquent in payment of principal and

        interest;

(g)     None of the mortgage  loans have been a maximum of 30 or more days  delinquent  in the

        last 24 months;

(h)     None of the Mortgage Loans are buydown Mortgage Loans;

(i)     To the best of RFC's knowledge,  there is no delinquent tax or assessment lien against

        any related Mortgaged Property;

(j)     No Mortgagor has any valid right of offset,  defense or counterclaim as to the related

        Mortgage Note or Mortgage, except as may be provided under the Relief Act;

(k)     No Mortgage Loan  provides for payments  that are subject to reduction by  withholding

        taxes levied by any foreign (non-United States) sovereign government;

(l)     (1) The proceeds of each Mortgage  Loan have been fully  disbursed and (2) to the best

        of Seller's knowledge,  there is no requirement for future advances thereunder and any

        and all  requirements as to completion of any on-site or off-site  improvements and as

        to  disbursements  of any escrow funds  therefor  (including  any escrow funds held to

        make Monthly  Payments  pending  completion of such  improvements)  have been complied

        with.  All costs,  fees and  expenses  incurred in making,  closing or  recording  the

        Mortgage Loans were paid;

(m)     To the best of RFC's  knowledge,  with  respect to each  Mortgage  Loan,  there are no

        mechanics'  liens or claims  for  work,  labor or  material  affecting  any  Mortgaged

        Property  which are or may be a lien prior to, or equal with,  the lien of the related

        Mortgage,  except  such  liens  that are  insured  or  indemnified  against by a title

        insurance policy;

(n)     With respect to each  Mortgage  Loan, a policy of title  insurance was effective as of

        the closing of each  Mortgage  Loan,  is valid and binding,  and remains in full force

        and effect,  unless the Mortgaged  Properties  are located in the State of Iowa and an

        attorney's certificate has been provided;

(o)     Each  Mortgaged  Property  is free of  damage  and in good  repair  and no  notice  of

        condemnation  has been given with respect  thereto and RFC knows of nothing  involving

        any  Mortgaged  Property that could  reasonably  be expected to  materially  adversely

        affect the value or marketability of any Mortgaged Property;

(p)     Each Mortgage  contains  customary and enforceable  provisions which render the rights

        and remedies of the holder  adequate to realize the  benefits of the security  against

        the  Mortgaged  Property,  including  (i) in the case of a Mortgage  that is a deed of

        trust,  by  trustee's  sale,  or (ii)  by  judicial  foreclosure  or,  if  applicable,

        non-judicial  foreclosure,  and to the best of RFC's knowledge,  there is no homestead

        or other exemption  available to the Mortgagor that would interfere with such right to

        sell at a trustee's sale or right to  foreclosure,  subject in each case to applicable

        federal and state laws and judicial  precedents  with respect to bankruptcy  and right

        of redemption;

(q)     To the  best of RFC's  knowledge,  with  respect  to each  Mortgage  that is a deed of

        trust,  a trustee duly  qualified  under  applicable  law to serve as such is properly

        named,  designated and serving,  and except in connection  with a trustee's sale after

        default by a  Mortgagor,  no fees or expenses  are payable by the seller or RFC to the

        trustee under any Mortgage that is a deed of trust;

(r)     If the  improvements  securing a  Mortgage  Loan are  located in a federal  designated

        special flood hazard area,  flood  insurance in the amount  required under the Program

        Guide  covers such  Mortgaged  Property  (either by coverage  under the federal  flood

        insurance program or by coverage from private insurers);

(s)     With  respect  to each  Mortgage  Loan,  any  appraisal  made in  connection  with the

        origination  of the  Mortgage  Loan was made by an  appraiser  who meets  the  minimum

        qualifications for appraisers as specified in the Program Guide;

(t)     Each Mortgage Loan is covered by a standard hazard insurance policy;

(u)     To the best of RFC's knowledge,  any escrow  arrangements  established with respect to

        any Mortgage Loan are in compliance with all applicable local,  state and federal laws

        and are in compliance with the terms of the related Mortgage Note;

(v)     No Mortgage Loan was  originated on or after October 1, 2002 and before March 7, 2003,

        which is secured by property located in the State of Georgia;

(w)     None of the Mortgage Loans are secured by a leasehold  estate.  In connection with any

        Mortgage  Loan  secured  by a  leasehold  interest,  with  respect  to each  leasehold

        interest:  the use of  leasehold  estates for  residential  properties  is an accepted

        practice in the area where the  related  Mortgaged  Property  is located;  residential

        property in such area  consisting  of  leasehold  estates is readily  marketable;  the

        lease is  recorded  and no  party is in any way in  breach  of any  provision  of such

        lease;  the leasehold is in full force and effect and is not subject to any prior lien

        or encumbrance by which the leasehold  could be terminated or subject to any charge or

        penalty;  and the remaining  term of the lease does not terminate  less than ten years

        after the maturity date of such Mortgage Loan;

(x)     Each  Mortgage  Loan  as of the  time  of its  origination  complied  in all  material

        respects  with all  applicable  local,  state and  federal  laws,  including,  but not

        limited to, all applicable predatory lending laws;

(y)     None of the Mortgage  Loans are subject to the Home  Ownership  and Equity  Protection

        Act of 1994.  None of the Mortgage  Loans are loans that,  under  applicable  state or

        local law in effect at the time of  origination  of the loan,  are  referred to as (1)

        "high  cost"  or  "covered"  loans or (2) any  other  similar  designation  if the law

        imposes greater  restrictions or additional  legal liability for residential  mortgage

      &nbs